New homebuyers, whether you are buying a new or pre-owned property, you are eligible for a $8,000 homebuyer tax credit. This is a potent incentive for those who have been entertaining a dream of owning their own property for a long time. When you compound the homebuyer tax credit with the unprecedented costs you’ll get in this buyer’s real estate market, many people who never could afford their own home before are realizing the opportunities of their dreams.

Because the tax credit is open to 10% of the house’s value up to $8,000, the $8,000 homebuyer tax credit could basically save you much more on your taxes, depending on the size of your home. The homebuyer tax credit was a function of Obama’s stimulus plan that was directed towards dealing with the struggling housing market in an effort to get the economy to regain its footing and get currency flowing again.

Claiming the tax credit is simple. You just claim the purchase of the home and the credit on your tax return. The credit will be taken off any taxes you owe or tallied to your refund. If you’ve imagined owning your own home, there couldn’t be a better time. You won’t find this kind of tax incentive often, and combined with the current conditions in the housing market, it’s really a win win situation for first time homebuyers.

Stop renting. You might actually save money if you own property. With the savings from the $8,000 homebuyer tax credit, you could get a loan that has lower payments than what you pay for rent this month, but you won’t be throwing it away or investing in the college fund of your landlord’s children. Thanks to the homebuyer tax credit, you’ll be investing it in your own potential, owning a home that can be a serious asset. It’s a clean way to build credit and capital to make your way into the world.